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Enron fallout costs JP Morgan $2.2bn

JP Morgan Chase has agreed to pay $2.2bn (â‚¬1.8bn) to settle a class-action lawsuit related to the collapse of Enron, the latest in a series of huge payments aimed at closing the door on one of the most turbulent periods in Wall Street history.

On Friday, Citigroup said it would pay $2bn to settle the class-action suit accusing the banks of helping Enron to mislead investors about its financial strength. About 50,000 former stock and bondholders are part of the suit.

Other firms including Bank of America and Lehman Brothers had earlier agreed to pay a combined $491.5m. The total looks likely to exceed the $6.1bn to settle shareholder lawsuits stemming from the crash in 2002 of the telecommunications firm WorldCom.